Atlas Copco (Hold, TP: SEK355.00) - Building backlog
Following the Q1 report, we reiterate HOLD, but have lowered our target price to 355 (380) on the back of lower peer multiples and higher uncertainty for the semiconductor growth outlook in Vacuum Technique. For Atlas Copco and Epiroc combined, we have raised our EBIT forecasts by 0–1%.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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